230 Sui Huiyuan , It's time for a new owner

source ： Radar Finance App（ID:radarcj） author ： Li Yihui edit ： Deep sea

Silent for many years “ Juice King ” Huiyuan , Finally ushered in the dawn of turning over . 

In recent days, , The first intermediate people's Court of Beijing made a ruling , Approve Beijing Huiyuan food and Beverage Co., Ltd （ Hereinafter referred to as “ Beijing Huiyuan ”） The reorganization plan . The selected investor is Shanghai Wensheng Asset Management Co., Ltd （ Hereinafter referred to as “ Wensheng assets ”）, Plan to invest 16 Billion yuan became the controlling shareholder of Huiyuan . 

Although Coca Cola and I wanted to 24 The amount of US $100 million holdings is far from , But Huiyuan officials still sent a thank-you letter , use “ Keep the clouds open until the moon shines ” Describe this hard won result . 

according to the understanding of , Huiyuan was founded in 1992 year , Taking advantage of the east wind of reform and opening up , It soon developed into the first brand of fruit juice in China . But after the plan to commit to Coca Cola failed , Gradually go downhill , Rely on government subsidies and the sale of factories to survive . 

Reorganizing fangwensheng assets is a private non-performing assets disposal company , Behind him stands Beijing trust 、 Oriental assets 、 China international capital corporation 、 CDH investment, Blackstone and other investors . In Fang Wensheng's plan , Huiyuan, which was delisted from the Hong Kong Stock Exchange last year , Will be in 3-5 During the year A Share re listing , And it is expected to realize full repayment of debts . 

However , In the industry view , The adoption of the reorganization plan is only the first step . future , Whether the reorganization plan can be implemented smoothly , Can Huiyuan return “ Juice King ” Throne , There is still great uncertainty . 

Huiyuan welcomes “ White Knight ”

Huiyuan juice that consumers are familiar with , Already have 30 Years of development history . 

The data shows , Huiyuan juice was founded in 1992 year , Its predecessor came from a county run cannery on the verge of bankruptcy . After the founder Zhu Xinli took over , It turned losses into profits in just two years . 

1996 year , Huiyuan juice is advertised on CCTV at a high price of tens of millions , rely on “ Drink Huiyuan juice , Take the road to health ” Catchy advertising words , Quickly promote sales throughout the country , The market share has ranked first in China for more than ten consecutive years . 

2007 year , Huiyuan Juice successfully landed on the Hong Kong Stock Exchange , And 24 The total amount of HK $billion raised , It became the largest one of the Hong Kong Stock Exchange IPO project , The total market value also exceeds 300 Million Hong Kong dollars , The scenery is boundless . 

This good time didn't last long .2008 year , Huiyuan is targeted by multinational beverage giants , Then came the turning point of my career . 

That year , Coca Cola plans to buy Huiyuan juice at a high price , The purchase price is per share 12.2 The price of Hong Kong dollars , The total amount exceeds 24 Billion dollars （ About us 179.2 Million Hong Kong dollars ）, Including all the issued shares of Huiyuan Juice . 

Huiyuan Juice in order to cooperate with the acquisition , Do not hesitate to borrow money to expand production , At the same time, it also removed a large number of sales channels and personnel that coincided with Coca Cola , The national 21 Provincial managers in sales regions basically quit , Salesperson also from 3926 People fell to 1160 people . 

But the acquisition finally failed .2009 year 3 month , The Ministry of commerce is based on 《 Antitrust 》 Stop the acquisition . The impact follows , Due to the disconnection of sales channels , Let Huiyuan Juice lose its vitality ,2009 First loss in . 

Wensheng asset wrote in an article on its official website ,“ Huiyuan system ” The layout of the whole industrial chain, which has invested a huge amount of money in the above transactions, has buried hidden dangers of debt for subsequent operations . Beijing Huiyuan as “ Huiyuan system ” Core enterprise , It has undertaken more financing functions in the process of operation , Provided a huge amount of guarantee for the financing of related parties . 

Although Huiyuan Juice said , In the later development, the cut channels were gradually restored . But the results show that ,2011-2017 year , Deducting government subsidies 、 financing 、 In addition to the cost of selling the plant , Huiyuan juice has been at a loss . 

2018 year , Huiyuan began to suspend trading , The reason is a sum of money for the subsidiary 42.75 The loan of 100 million yuan was neither signed nor disclosed , Violated the Listing Rules of the Hong Kong Stock Exchange . 

The suspension lasted as long as 3 More years , Left enough time for the Zhu Xinli family to save Huiyuan , But the effect is not obvious . 

2020 year 2 month 12 Japan , Founder Zhu Xinli resigned as chairman of the board of Huiyuan Juice 、 Executive director 、 Authorized representative and chairman of the strategy and Development Committee ; Zhu Shengqin （ Zhu Xinli's daughter ） At the same time, he resigned as the executive director . Two days later , Huiyuan Juice announcement , The shares of the company are in 3 month 2 Japan 9 Officially cancel the listing status （ Delisting decision ）. 

2021 year 7 month 16 Japan , Upon the application of creditors , The court ruled that Beijing Huiyuan entered the reorganization procedure , As a restructuring investor, Wensheng assets combed and screened the assets and liabilities and enterprise value of Beijing Huiyuan . 

The history of Beijing Huiyuan can be traced back to 1994 year , It is considered to be the starting point for Zhu Xinli to lead Huiyuan juice to impact the national market . 

Tianjian accounting firm （ Special general partnership ） Issued by the 《 Special audit report on bankruptcy reorganization of Beijing Huiyuan company 》 Pointed out that , As of the benchmark date 2021 year 7 month 16 Japan , The total assets of the parent company of Beijing Huiyuan company are 10.93 One hundred million yuan , Total liabilities 124.67 One hundred million yuan , The asset liability ratio is 1140.99%, The amount of insolvency is 113.7 One hundred million yuan . 

This year, 5 month 20 Japan , The second creditors' meeting of Beijing Huiyuan was successfully held , Creditors voted to approve the reorganization plan ;6 month 24 Japan , The Beijing first intermediate people's court approved the reorganization plan . 

Wensheng assets said , The restructured Beijing Huiyuan will hold “ Huiyuan juice ” Core trademarks, brands and production assets , Focus on the main business , Optimize the layout , Nirvana rebirth . 

however , Beijing Huiyuan is also insolvent . The data disclosed shows , The total debt scale of Beijing Huiyuan is about 80 One hundred million yuan , Under the state of bankruptcy liquidation, the repayment rate of ordinary creditor's rights is only... Under the optimistic situation 6.1%. 

The plan put forward by Wensheng assets is , Employee claims and tax claims shall be fully paid off in cash at one time ; The creditor's rights secured by property shall be paid in full in the form of retention ;100 A small amount of ordinary creditor's rights less than 10000 yuan shall be paid off in a lump sum in cash , exceed 100 The ordinary creditor's rights of 10000 yuan shall be paid off in full in the form of debt to equity swap . 

Wensheng assets said , Through the above payment methods , The debt repayment rate of Beijing Huiyuan is expected to be lower than that under the simulated liquidation 6.1%, Upgrade to full settlement . 

Where is the way to break through ？

In addition to solving the debt problem , Wensheng assets also planned two roads for Beijing Huiyuan , Relist and import resources . 

“ We will design the best securitization scheme for Huiyuan , Strive to achieve A Shares of the listed , It is expected to bring considerable returns to the convertible creditors and investors .” Wensheng assets said . 

Under this goal , Wensheng assets invested as restructuring investors 16 Billion yuan became the controlling shareholder of Huiyuan , Some of the funds are used to pay Huiyuan bankruptcy expenses and repay small claims ,90% The above funds will be used to upgrade and strengthen the production and operation of Huiyuan . 

actually , About listing , China's water sector that participated in the reorganization , It has been harvested 3 A harden board . 

6 month 30 Sunday night , Zhongguo Water Affairs announced that it had raised the limit for two consecutive days , Focus on “ The market speculates that the company may inject Huiyuan juice through restructuring in the future ”. The company said , In the early stage, it signed with Wensheng investment on the restructuring plan of Beijing Huiyuan 《 Project cooperation agreement 》 And 《 Confidentiality agreement 》, Has been in 2022 year 4 month 22 Pay Wensheng investment performance security on the th 3 One hundred million yuan , This agreement is only the intentional investment of both parties , There is no guarantee that the company will eventually participate in this project . 

Previous 5 month 17 Japan , The project cooperation agreement disclosed by China water shows , Wensheng assets is responsible for business docking , Due diligence and other asset acquisitions . If the future operation of the underlying assets meets the requirements of Party B , Zhongguo water can give priority to purchasing the equity held by Party A at the fair market value . 

However , There are industry analysts think , After the continuous rise of the share price of China water , The company has lost the possibility of asset restructuring in a short time . 

In addition to promoting listing , Wensheng assets said , In the future, Huiyuan will also import Industrial Synergy resources and industrial strategic resources , Consolidate enterprise production , Increase online and offline orders , Help Huiyuan tell the brand story of the new era , Expand the national market . 

Xianxiaofang, executive president of Huiyuan Juice, told Beijing business daily , Huiyuan juice will focus on juice business in the future , Make efforts to build marketing channels , This is also in line with the strategy of restructuring Fang Wensheng's assets . 

however , What can't be ignored , In Huiyuan fall these years , The domestic juice market has long been changing . First, the juice market shrank , Prospective industry research institute data shows ,2009 In, fruit juice beverage ranked second in the production and sales volume of the national beverage industry 、 Accounted for as 18.56%, here we are 2020 Juice has lost its top three position in 、 The market share is insufficient 15%. 

secondly , A number of strong competitors have emerged in the fruit juice segment . The farmer mountain spring 、 Coca Cola 、 Uni president and Wahaha are both giant players of fruit juice drinks , It may have an impact on the market share of Huiyuan Juice . 

In this case , Huiyuan may not be able to grab much market by relying on marketing alone . Baoyuezhong, a new retail expert in the FMCG industry, believes , Huiyuan has its own advantages in brand influence , But its marketing 、 Can product innovation keep up with current consumption patterns 、 The consumption environment is also crucial . 

Zhu danpeng, vice president of Guangdong Food Safety Promotion Association, also said , At present, the domestic fruit juice industry and even the whole beverage industry are facing fierce competition , Pushing through the old and bringing forth the new is fast , How to rectify Huiyuan in the future , How to realize innovation and upgrading of brands and products , Need to wait and see further . 

Uncover Wensheng assets of the receiving party

While the reorganization plan of Huiyuan juice is finalized , It also makes the outside world curious , What is the origin of Wensheng assets of the receiving party ？ 

Official website information display , Wensheng assets is a leading special opportunity investment management company in China , Now registered capital 11.42 One hundred million yuan . 

2003 year , Zhouzhijie, the founder of the company, founded Zhejiang Wenhua Holding Co., Ltd , Began to get involved in the field of non-performing assets , It mainly invests in non-performing assets formed by policy stripping . 

2006 year , Shanghai Wensheng Investment Management Co., Ltd. was established by Zhejiang Wenhua Holding Co., Ltd. and Zhuhai Qiaobo Investment Consulting Co., Ltd , After the share reform, it became Shanghai Wensheng Asset Management Co., Ltd . 

at present , Wensheng asset business covers non-performing asset investment and services 、 Restructuring of troubled enterprises 、 Troubled real estate restructuring and default bond investment . By 2021 end of the year , Accumulated asset management scale （ Principal and interest of creditor's rights ）1232 Billion . 

Before entering the non-performing asset industry , There are few traces of Zhou Zhijie's past on the Internet , In public reports, he worked in auction houses . 

however , Charlotte bell, which has been delisted, disclosed in an announcement ,1972 Zhou Zhijie, born in , Have a bachelor's degree , Chinese nationality , No right of permanent residence abroad . 

1994 - 1998 year , Zhouzhijie works in the Shanghai Border Defense Corps ,1998 - 2001 Worked in Zhejiang World Trade auction house ,2001 - 2003 Chairman of Zhejiang Jiyang Auction Co., Ltd . 

After entering the non-performing assets industry , Wensheng assets has provided investigation and evaluation from the beginning 、 Of consulting services “ Service provider ”, Become a non-performing asset manager , In recent years, they have appeared frequently A Share acquisition . 

Include 2018 In, he and Nantong tycoon songxiaozhong initiated the acquisition of the controlling interest in Oriental Network .2020 From the year onwards , Wensheng assets successively took over the equity of a subsidiary of Pengxin resources 、 Jointly set up a partnership . 

“ Pengxin system ” It was founded by Jiang Zhaobai, a businessman from Jiangsu Province , It owns Pengdu agriculture and animal husbandry 、 Pengxin resources 、 Junior high school water affairs 、 Runzhong International Holdings 4 Listed companies . 

2020 year 12 month , Wensheng assets was hired as “ The first share of Internet jewelry ” Financial advisor of Gangtai holdings . 

2021 year 3 End of month , Some shares of La Chapelle held by Xing Jiaxing, the founder of La Chapelle, were auctioned , Shanghai Wensheng assets and Shanghai Qijin, the person acting in concert, took over the offer , The latter became the largest shareholder of La Chapelle , The total shareholding ratio is close to 20%. 

At that time, investors speculated , New shareholders may be interested in La Chapelle's shell resources . But this year 5 month 24 Japan , La Chapelle delisted from the Shanghai Stock Exchange . 

besides , Sank into a thunderstorm, Sansheng Hongye and Oceanwide holdings , It was reported that some assets were transferred to Wensheng assets . 

It is worth mentioning that , Wensheng assets also sought independent listing . The company 2017 In, I applied for listing on the new third board , But in the end, it didn't happen . 

The announcement at that time showed that , Wensheng assets 2015 year 、2016 The annual operating revenues are respectively 9836.32 Ten thousand yuan 、9225.34 Ten thousand yuan ; Net profit is 9424.91 Ten thousand yuan 、1.60 One hundred million yuan . 

Besides , Wensheng asset has a luxurious circle of friends . Official website display ,2021 year 7 In June, it conducted strategic cooperation with Warburg Pincus, an American private equity investment institution , Initiate the establishment of Wensheng special fund . Wenshengte plans to invest a total of 6 Billion dollars , expect 5 The scale of asset management will reach 50 Billion dollars . 

6 month 29 Japan , Wensheng assets officially announced the completion of the third round of financing , blackstone group 、 Guotong Investment Co., Ltd 、 GF Securities on 2021 year 10 In June, it made equity investment in its third round of financing , And in 2022 year 6 Complete the investment in January . 

Sky eye examination shows , At present, among the shareholders of Wensheng assets , And Beijing trust 、 Oriental Asset Management 、 Hangzhou industrial and Commercial Trust 、 China international capital corporation 、 CDH investment and other financial institutions .